By Riley Kaminer
Buying a house is all fun and games… until it comes to the mountain of expensive, time-consuming paperwork required to actually make the transaction happen. Compare that to the ease at which you can buy pretty much anything else, and this epic amount of admin starts to feel unnecessary.
Propy, the Miami startup infusing the real estate sector with blockchain and AI-powered tech, has grand plans to reshape the market. In a recent interview with Refresh Miami, Propy’s founder and CEO Natalia Karayaneva and Chief Strategy Officer Erik LaPaglia shared insights into how they will go about making that happen.
“Propy has completed over $4 billion in real estate transactions but is only active in three states. We’re leading the space with the only licensed title and escrow company on blockchain,” LaPaglia told Refresh Miami. He emphasized their goal of expanding to all 50 states, transforming Propy into a national powerhouse.
LaPaglia, also known for co-founding Miami NFT Week, joined Propy two months ago. His excitement was palpable as he described his vision for the company, highlighting their aggressive roll-up strategy and upcoming major announcements, including partnerships and board formalizations.
Karayaneva, the driving force behind Propy, underscored some of the the company’s recent milestones. “We doubled the number of monthly transactions since January,” she said, reflecting on the rapid growth. Propy’s ecosystem project, PropyKeys, has also seen significant success with 250,000 NFTs minted, representing $10 billion worth of real estate. PropyKeys’ ambitious goal is to bring one million home addresses on chain by 2025.
Education is at the core of Propy’s mission. “Realtors are getting crypto certified to learn how to talk to buyers and sellers about cryptocurrencies,” Karayaneva shared. This initiative not only enhances their knowledge but also protects them from potential scams. LaPaglia added, “The adoption curve is enhanced as more brokers and agents become knowledgeable, arming buyers and sellers with useful information.”
LaPaglia recalled his experience six years ago when he tried to use a token as collateral for an investment property and was laughed at by the banker. Now, the landscape has changed dramatically, with digital assets becoming a recognized form of collateral.
Product development is top of mind for the Propy team. “We’re releasing our next Propy AI 2.0 product, which automates data extraction from documents, eliminating manual mistakes,” Karayaneva explained. This new product, along with other artificial intelligence initiatives, aims to streamline the real estate process, making it faster and more accurate.
Propy is also pioneering a web3 loan product. “You can use your Bitcoin or Ethereum as collateral to acquire real estate,” Karayaneva revealed. This innovative approach allows users to leverage their digital assets without selling them and paying taxes, creating a new frontier in real estate transactions.
LaPaglia described Propy’s platform as “undercover blockchain,” where users benefit from blockchain’s advantages without needing to be a diamond-handed HODL-er. “It’s just a better mousetrap,” he said, emphasizing the ease of use.
When asked about Propy’s future, LaPaglia envisioned a national presence. “We aim to touch upon every facet of the life cycle of people interacting with their homes,” he said. Karayaneva echoed this sentiment, focusing on affordability. “By automating transactions and making them cheaper, we can address the housing affordability issue.”
“We’re looking for Propy to become a household name in the U.S,” Karayaneva added. So with any luck, your next house purchase might be on chain – all thanks to Propy.
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